NSW Fair Trading: Independent Property Services Commissioner to be appointed

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NSW Fair Trading: Independent Property Services Commissioner to be appointed

8 August 2022

Following feedback collected during NSW Fair Trading’s Property Services Listening Tour earlier this year, the Secretary has decided to establish an independent commissioner for the NSW property services sector.

The decision comes following significant reforms to the industry in March 2020 and is a timely application of additional regulation, after 206 NSW agents were found to be non-compliant with the new Continuing Professional Development (CPD) guidelines in April of this year.

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August 2022 Newsletter

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August 2022 Newsletter

5 August 2022

Newsletter snapshot:

  • Site-wide discount code!

  • Industry updates: QLD Fair Trading finds former agent guilty of wrongful trust money use, imprisoned following an investigation.

  • Legislative changes: Further changes to tenancy law in Queensland.

  • Announcements: We now offer CPD for Tasmania! Plus, new CPD options for WA.

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We now offer CPD for Tasmania!

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We now offer CPD for Tasmania!

1 August 2022

Attention Tasmania students! Online CPD now available 💻🆕

Licence holders and property representatives in Tasmania must complete 12 points of Continuing Professional Development (CPD) training by 30 June each year, consisting of:

  • 8 points (of the 12 points) industry-specific CPD; and

  • 4 points (of the industry-specific CPD) need to be delivered by an external provider.

The term "external provider" means that the CPD activity is delivered by a person external to the organisation by which the property agent is employed.

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Rediential Tenancies Authority Queensland: Further changes to residential tenancy laws from 1 October 2022

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Rediential Tenancies Authority Queensland: Further changes to residential tenancy laws from 1 October 2022

27 July 2022

Since October 2021, the Queensland Government has been making incremental changes to tenancy laws. The changes have been rolled out in phases, with the first phase being implemented on 20 October 2021 - the introduction of greater domestic and family violence protections for tenants and residents.

The next phase will be coming into effect on 1 October 2022. The changes will include updates to legislation concerning renting with pets, ending a tenancy, and repair orders.

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New courses available for the ACT!

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New courses available for the ACT!

13 July 2022

On 1 July 2022, the ACT government introduced changes to the regulation of the real estate industry.

The reforms include changes to:

  • licence and registration categories

  • qualification and experience requirements for licences and registrations, and

  • restrictions on the activities each licence and registration group can undertake.

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QLD Fair Trading: Real estate agent jailed for misuse of trust account funds

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QLD Fair Trading: Real estate agent jailed for misuse of trust account funds

11 July 2022

Queensland Fair Trading has reported this month that former Rainbow Beach real estate agent, Ian Andrew Phillips, has been convicted and imprisoned following a Fair Trading investigation into the wrongful use of trust money.

Ian Andrew Phillips, formerly the sole director and principal licensee of Think Tank Management Pty Ltd, pleaded guilty in Brisbane District Court (5 July 2022) to dishonestly taking trust account money for his own use.

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July 2022 Newsletter

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July 2022 Newsletter

1 July 2022

This month’s newsletter touches on:

  • Site-wide winter sale!

  • Industry updates: NSW Fair Trading issues $69,300 worth in fines for breaches in CPD requirements, SA Consumer and Business Services notes concerns about trust accounts and underquoting.

  • Legislative changes: Have your say on NSW property laws, plus new property industry reforms begin in the ACT.

  • Reminder: WA audit period has commenced!

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Have your say on NSW laws for real estate, strata, assistant and stock and station agents

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Have your say on NSW laws for real estate, strata, assistant and stock and station agents

1 July 2022

NSW Fair Trading is inviting feedback on the proposed new Property and Stock Agents Regulation 2022.

The current Regulation supports the Property and Stock Agents Act 2002 and is due to expire on 1 September 2022.

The proposed new Regulation has been modernised and improved with more clarity, better consumer protections and less administrative load for agents.

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SA Consumer and Business Services: Concerns about trust accounts and underquoting

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SA Consumer and Business Services: Concerns about trust accounts and underquoting

1 July 2022

Consumer watchdogs across Australia have been cracking down on the illegal practice of underquoting for many years now. South Australia’s Consumer and Business Services (CBS) department has publicly advised that they will be cracking down on agents partaking in underquoting this year, bringing to light the fact that many agents are still willing to mislead their clients despite heavy penalties.

An agent or sales representative must have reasonable grounds for advertising a property at the price stated in the advertisement, or they can face penalties under the Australian Consumer Law of up to $500,000 for an individual or $10 million for a company.

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WA Consumer Protection: Audit period starts soon!

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WA Consumer Protection: Audit period starts soon!

29 June 2022

The Consumer Protection division of the WA Department of Mines, Industry Regulation and Safety has advised the following in their recent newsletter blast:

Reminder: Audit period starts soon!

Agents who hold a triennial certificate and have held monies in trust during the

2021-22 financial year will need to provide a Statement of trust account money - Annexure A to their appointed auditor following the end of the financial year after 30 June 2022.

Agents who have not held or received any trust funds during the financial year must lodge a statutory declaration to this effect in lieu of an audit report.

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